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Blount Street Commons


capitalapts

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From today, pics of the phase one site at Person & Peace:

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& pics of the site on Peace near the govt complex where those homes are nearly ready for their short move:

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The area just east of Wilmington St down to Polk St is fenced off... I assume some site prep work will be underway shortly for that phase.

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  • 2 weeks later...

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N&O reports that construction begins today (I guess they mean formal construction of the buildings, since site prep's been going on for months).

Also, as i went by this morning, the large blue house is beginning its journey--its been rolled to the back of the lot on which it once rested...is it moving within the block bounded by Peace, Wilmington, Person and Polk, or does it have to cross Person?

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N&O reports that construction begins today (I guess they mean formal construction of the buildings, since site prep's been going on for months).

Also, as i went by this morning, the large blue house is beginning its journey--its been rolled to the back of the lot on which it once rested...is it moving within the block bounded by Peace, Wilmington, Person and Polk, or does it have to cross Person?

Its going just behind where it was, same block...spin it around and face it to Blount accross from the sales office.

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Its going just behind where it was, same block...spin it around and face it to Blount accross from the sales office.

Ahh...replacing that ugly brick state office building. This is going to be one of the most beautiful districts inside the Beltline when/if they build this out like the master plan shows...Here's to the wind of the economic recovery next year filling the sails/sales of this project...

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  • 1 month later...

They are moving a couple of the homes this weekend at BSC from 8:30-12 this Sat morn. More info here. National Geographic is going to film it for their show "Monster Moves." I think I will have to check this out and take my own footage. :thumbsup:

Also, it looks like BSC has slightly adjusted their site layout for the urban flats, called "Person Corner Residences." (from the $290s) If you click the link for the site plan, you can see more details on the other phases, such as the Row Homes (I & II), the Garden Flats, and AIA HQ fronting Wilmington St.

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Also, construction has started in the last couple of days on the first mid-block row houses, close to the Person/Peace Krispy Kreme. It looked like they were working on foundations for the first block of four units at the SE corner of the alley close and parallel to Peace and the alley between Person and Blount.

The site seemed kinda deadish for the last month or so after the roads and sewer went in, but it is good to see actual work now. I might try to make Saturday's festivities, but I have a meeting at 10 and I don't know how long that will go.

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FYI, after all the years of talking and planning, the first few row houses are now rising on the site. I think these are a steal at $315k. Long term, a great investment.

I'd agree on the great investment part, but not really on the "steal" part. Not in this current economy, at least...I can see prices having to be knocked down some in order to actually sell.

But good luck to them nonetheless...this will be a great development!

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I went to the moving of the previous two large homes a few weeks ago and stopped into the sales center. There were several rowhomes that were marked as sold based on their map. The market may be bad right now, but I suspect that by the time the next phase over by Wilmington st is finished the prices will rise quite a bit... hence my steal comment.

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I went to the moving of the previous two large homes a few weeks ago and stopped into the sales center. There were several rowhomes that were marked as sold based on their map. The market may be bad right now, but I suspect that by the time the next phase over by Wilmington st is finished the prices will rise quite a bit... hence my steal comment.

The low end ones are 222/sqft, which is indeed a steal in downtown...they were 1436 sqft at 320,000 dollars. I expect that once these first four go up, anyone holding back to see what the place looks like and feels like set in downtown will like what they see and go ahead and commit. While condos are a tad overbuilt, there is little new home development (or room for it even) downtown. The success of the Village at Pilot Mill attests to that demand.

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  • 3 months later...
  • 4 weeks later...

^ Thanks for posting that. I was able to take a walk around a few of the units & they are nice. My only critique is that they are a bit plain on the exterior. I thought the drawings for Hinsdale Row were more compelling. The urban townhome is a style we will surely see a lot more of in the future as the area increases in density, particularly at the fringes of downtown at transitions between single family and more dense urban flats with retail.

Bad news. Not only has LNR's local point man Doug Redford left the company (already knew that), from what I was told recently, they are selling their option on the remaining phases of BSC. This means they are pulling the plug and there's no guarantee that anything we see below (beyond the initial phase) will be built in that form or at all any time soon.

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This thing will be an eyesore for years to come-this is a perfect example of Raleigh dragging its a-- assuming the economy would be robust for the next 100 years. With all the talking this thing should have been completed years ago.

Indeed. Now there's just a random a-- row of buildings in the middle of a giant block.

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This thing will be an eyesore for years to come-this is a perfect example of Raleigh dragging its a-- assuming the economy would be robust for the next 100 years. With all the talking this thing should have been completed years ago.

What does Raleigh dragging what have to do with anything? The City? The people? I don't follow. One look at Oakwood (old) and The Village at Pilot Mill (new) and its easy to see this should have been a smart project, but its timing for hitting the street killed it. The State took longer than anticipated to release the land but pulling out the underground storage tanks was part of that. I do think the price of unrenovated old homes was too high, but the new ones were a pretty good deal. I am still hoping to grab one of the smaller ones moved to Person Street if I can square away a couple of things on my books.

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BTW, I want to emphasize that LNR selling their option on the state remaining phases does not mean that we absolutely will not get what has been shown in the site plan... but it very much casts that plan under a cloud of doubt. From the TBJ article in Jan, it seems the sale of the remaining state tracts has been postponed due to the recession, so I would think the best possible outcome would be for LNR to sell to a developer with local knowledge, a proven track record, and fairly deep pockets who can make it through these tough times and still deliver the type of product befitting the Blount Street neighborhood's history & character.

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^

Sometimes developers sell options with the option to buy them back at a later date as well. This is done at times to raise capital to pay for a current phase and it especially useful in a time where loans are hard to come by. After the initial phase is done and some units sold, the developer merely uses some of the cash from the sales to buy back the option. Kinda like a bank loan without the bank. Now if they were to sell to another developer, I would much prefer they sold to Kane, who has a track record, the goodwill of the banks on his side and the expertise to pull off a successful project.

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Yet another case of an out-of-town development company with no ties or loyalty to the area cutting and running. Did LNR have any kind of proven track record with large historically sensitive projects of this sort, or did they just outbid the local companies in an attempt to cash in on the proven strength of the local economy compared to the rest of the country?

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